Estate and Gift Tax Law - What to Expect for 2010 Tax Returns
Target Audience: CPAs, EAs, RTRPs
Field of Study: Taxation (NASBA); Federal Tax (IRS)
Seminar Level: Beginner
IRS COMMUNICATIONS AND LIAISON IS REGISTERED WITH THE NATIONAL ASSOCIATION OF STATE BOARDS OF ACCOUNTANCY (NASBA) AS A SPONSOR OF CONTINUING PROFESSIONAL EDUCATION ON THE NATIONAL REGISTRY OF CPE SPONSORS. STATE BOARDS OF ACCOUNTANCY HAVE FINAL AUTHORITY ON THE ACCEPTANCE OF INDIVIDUAL COURSES FOR CPE CREDIT. COMPLAINTS REGARDING REGISTERED SPONSORS MAY BE SUBMITTED TO THE NATIONAL REGISTRY OF CPE SPONSORS THROUGH ITS WEBSITE: WWW.LEARNINGMARKET.ORG.
DISCLAIMER: THIS SEMINAR WAS FILMED IN ORLANDO, FLORIDA, ON July 29, 2010, AND THE INFORMATION WAS CORRECT AT THE TIME OF RECORDING.
The Small Business/Self-Employed operating division delivered this seminar at the IRS Nationwide Tax Forum in Orlando, Florida, in July 2010.
As a result of legislation passed in 2001, the estate tax is repealed for 2010, but is scheduled to be reinstated in 2011 with significant changes in the exemption amount and rates. However, the gift tax requirements have not changed since 2009. This session will discuss the current status of estate and gift tax legislation, filing requirements, and potential issues faced by taxpayers.
By the end of this presentation you will:
- know the effect of Economic Growth and Tax Relief Reconciliation Act of 2001 on 2010 estate and gift tax returns.
- be familiar with the 2010 basis provisions and exceptions to carryover basis.
- be aware of the different limitations of basis increase in regards to property.
- understand current E&G examination program priorities.
No prerequisites or advanced preparation are required for this seminar.